Banks
France’s biggest lender says there are ‘too many’ European banks as UniCredit moves on Commerzbank
Key Points BNP Paribas Chief Financial Officer Lars Machenil on Thursday voiced his support for greater integration in Europe’s banking sector. His comments come as Italy’s UniCredit ups the ante on its apparent takeover attempt of Germany’s Commerzbank, while Spain’s BBVA continues to actively pursue its domestic rival, Banco Sabadell. “If I would ask you, how many […]
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UniCredit’s pursuit of Commerzbank reflects a watershed moment for Europe — and its banking union
Key Points European banking’s latest takeover battle is widely regarded as a potential turning point for the region — particularly the bloc’s incomplete banking union Italy’s UniCredit has ratcheted up the pressure on Frankfurt-based Commerzbank in recent weeks as it seeks to become the biggest investor in Germany’s second-largest lender with a 21% stake. The Milan-based bank, […]
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SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits
Key Points The Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients’ predesignated investment limits over a two-year period. The two companies settled separately and will pay a combined $9.3 million to resolve the claims. The SEC found Harvest exposed investors to greater financial risks and Merrill connected […]
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Bettina Orlopp: The woman tasked with leading Commerzbank amid UniCredit takeover battle
Bettina Orlopp, chief financial officer of Commerzbank AG, speaks during a fourth quarter earnings news conference at the bank’s headquarters in Frankfurt, Germany, on Thursday, Feb. 13, 2020. Alex Kraus | Bloomberg | Getty Images Commerzbank announced Tuesday it has picked 10-year veteran, and current Chief Financial Officer Bettina Orlopp to helm the bank as […]
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Caught cold by UniCredit’s swoop on Commerzbank, Germany will want to avoid a national embarrassment
A protestor holds a placard with a slogan reading “Stop Merger Horror” during a union demonstration outside the Commerzbank AG headquarters in Frankfurt, Germany, on Tuesday, Sept. 24, 2024. Bloomberg | Bloomberg | Getty Images Italy’s UniCredit appears to have caught German authorities off guard with a potential multibillion-euro merger of Frankfurt-based Commerzbank, a move […]
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Justice Department accuses Visa of debit network monopoly that impacts price of ‘nearly everything’
Justin Sullivan | etty Images The U.S. Justice Department on Tuesday sued Visa, the world’s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing “exclusionary” agreements on partners and smothering upstart firms. Visa’s moves over the years have resulted in American consumers and merchants paying billions of dollars in […]
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Trump’s 10% credit card interest cap could hurt borrowers, experts say: ‘Access to credit would dry up’
Republican presidential nominee, former U.S. President Donald Trump arrives for a campaign event, his first since a man carrying a rifle was arrested Sunday near where Trump was playing golf at his club in Florida, in the Dort Financial Center on September 17, 2024 in Flint, Michigan. Scott Olson | Getty Images Former President Donald […]
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Commerzbank board member warns of significant job losses with a hostile UniCredit takeover
Key Points Stefan Wittmann, who is also a senior official at German trade union Verdi, told CNBC’s Annette Weisbach that “we certainly hope we can avoid” a hostile takeover by the Italian bank. UniCredit believes substantial value can be unlocked within Commerzbank, Germany’s second-largest lender, but it said that further action is required for that […]
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UniCredit boosts its stake in Commerzbank, applies to own up to 29.9% of the German bank
Commerzbank headquarters in the financial district of Frankfurt, Germany, on Sept. 12, 2024. Bloomberg | Bloomberg | Getty Images UniCredit announced on Monday it had increased its stake in German lender Commerzbank to around 21% and submitted a request to boost the holding to up to 29.9%. The Italian bank acquired the additional Commerzbank shares […]
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Germany won’t sell more Commerzbank shares for now, finance agency says
A customer enters a Commerzbank AG bank branch in Berlin, Germany, on Tuesday, Aug. 6, 2024. Bloomberg | Bloomberg | Getty Images Germany will not sell any more shares in Commerzbank for the time being and the bank’s strategy is “geared towards independence,” the nation’s finance agency said on Friday. The statement comes days after […]
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